Sacramento, California - Assembly Bill 2 relating to redevelopment was signed by Governor Brown today. The bill was jointly authored by Assemblymember Eduardo Garcia (D-Coachella) and Assemblymember Luis Alejo (D-Watsonville) which would allow specified "disadvantaged" areas throughout the state to create their own Community Revitalization Investment Authorities (CRIA). Each CRIA would allow property tax investments of consenting local agencies to, among other things, improve neighborhood conditions, increase employment opportunities, and reduce crime rates.
"Since the dissolution of redevelopment agencies (RDA), cities across California have been looking for more economic development tools to utilize," said Assemblymember Garcia "As a former Mayor of the City of Coachella, I know that many of our cities are experiencing high levels of unemployment and heightened levels of crime. AB 2 will now bring the needed relief to these areas resulting in the improvement of our communities."
"This is major news. Having these type of economic tools on hand give us the opportunity to build affordable housing, transit-oriented development, and rebuild our neighborhoods which would benefit the residents of Coachella," stated Steven Hernandez, Mayor of Coachella.
"The Community Revitalization Investment Authority will incentivize our businesses and residents. Smaller cities like ours need these type of tools to retain businesses and we must continue to attractive more investments in order to stay competitive," stated Mark Gran, Mayor of the City of Imperial.